PCP Car Finance: A Smart Deal or a Costly Commitment?
An increasingly popular way to finance a new car is under a Personal Contract Plans (PCP). But what exactly is a PCP and who is it best suited to asks Geraldine Herbert What is a PCP? PCP (Personal Contract Plan) is a type of car finance that offers lower monthly repayments compared to traditional HP or bank loans. This is because, instead of paying off the full cost of the car, you are only covering its depreciation over the contract...
5 Questions to ask before buying a car on a Personal Contract Plans (PCP)
Personal Contract Plans (PCPs) work very well for some buyers but you need to be fully aware of the T & Cs writes Geraldine Herbert The idea of a PCP is simple: buyers put down a deposit or trade-in their old car, followed by monthly payments made over three years and are given a ‘guaranteed minimum future value’ (GMFV) by the dealer at the outset, which is the amount required to purchase the car outright at the end of...
Customer protection agency to examine PCP car finance market
The Competition and Consumer Protection Commission (CCPC) announced that it has commenced a study of the Personal Contract Plan (PCP) car finance market If you have bought a car on a PCP agreement, particularly if you have either experienced problems in understanding the product before buying or had difficulties from the time of siging up to the contract then the Competition and Consumer Protection Commission (CCPC) would like to...
From fuel vouchers to free servicing… the best deals on new cars
Car manufacturers are also offering huge discounts to attract buyers into their showrooms it’s enough to make the end of the year a truly festive season for new car buyers writes Geraldine Herbert Scrappage The French car maker, Citroen plans to lure 171 potential buyers into showrooms with 4.9% APR PCP finance and scrappage of up to €4,000 on selected models plus customers receive a €500 Dunnes voucher if they order a new...
